SEC says Voya Investment not licensed to operate in capital market
The Securities and Exchange Commission (SEC) has cautioned Nigerians against engaging with Voya Investment Management (VIM), describing the online investment platform as unregistered and misleading.
In a public notice released on Wednesday, the SEC said VIM, which operates through the website investmemts.voya.com, falsely claims to be licensed and supervised by the commission.
According to the regulator, the platform presents itself as offering investment services in Nigerian stocks and other financial instruments under SEC oversight claims the commission described as untrue. The SEC also noted that VIM is displaying a so-called certificate of identity verification allegedly issued by the commission.
“The Commission hereby informs the public that Voya Investment Management (VIM) is not registered or licensed by the SEC to operate in the Nigerian capital market,” the notice stated. It added that the certificate being promoted by the firm was neither issued nor endorsed by the SEC, stressing that the commission does not issue certificates of identity verification.
The SEC further said any claims by VIM that it is approved, licensed, or supervised by the regulator are false, misleading, and fraudulent.
The commission disclosed that complaints received about VIM’s operations suggest it is running an illegal investment scheme capable of defrauding unsuspecting members of the public, particularly through false claims of regulatory approval.
As a result, the SEC advised the public to avoid any dealings with Voya Investment Management, warning that anyone who engages with the firm or its representatives does so at their own risk.
The regulator also urged investors to always verify the registration status of investment companies through its official verification portal before committing funds, noting that dealing with unregistered entities exposes investors to serious financial risks, including fraud and potential loss of money.
